I have been speaking to real estate professionals across Northern BC and it looks like we have entered our “Spring Market” early this year. Some people may want to get into the market but are wondering; what documents do I need in order to get approved for a mortgage? Further to the mortgage application, here are the basic documents that will be required:
• Letter of employment
• 2 recent paystubs
• If you are part time or receive any overtime, bonuses, or commissions then we will also need your Notice of Assessments for the last 2 years
• Proof of downpayment (minimum 5% unless using “cash-back” product) and 1.5% of purchase price for closing costs via one or a combination of the following:
o Investment statement
o 3 month history of bank account
o Gift letter from immediate family member along with proof of the exact
same amount deposited into account
Depending on the complexity of the file, there may be more documents required but these are the basics that will generally be required by every lender.
Things are picking up fast so it is a great idea to come in early for a pre-approval and get a 120 day rate hold while rates are still low!
• Letter of employment
• 2 recent paystubs
• If you are part time or receive any overtime, bonuses, or commissions then we will also need your Notice of Assessments for the last 2 years
• Proof of downpayment (minimum 5% unless using “cash-back” product) and 1.5% of purchase price for closing costs via one or a combination of the following:
o Investment statement
o 3 month history of bank account
o Gift letter from immediate family member along with proof of the exact
same amount deposited into account
Depending on the complexity of the file, there may be more documents required but these are the basics that will generally be required by every lender.
Things are picking up fast so it is a great idea to come in early for a pre-approval and get a 120 day rate hold while rates are still low!
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